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CONSOLIDATED STATEMENTS OF CASH FLOWS - Unaudited - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2018
Mar. 31, 2017
OPERATING ACTIVITIES    
Net Income $ 28,748 $ 12,973
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 21,685 20,225
Stock-based compensation expense 1,184 2,357
Net gain (loss) on sales of real estate investments and non-operating real estate (10,308) 40
Changes in operating assets and liabilities:    
Accrued income and other assets 2,239 1,625
Accounts payable, accrued expenses and prepaid rent (22,310) (13,671)
Other 476 264
NET CASH PROVIDED BY OPERATING ACTIVITIES 21,714 23,813
INVESTING ACTIVITIES    
Real estate development (31,212) (22,178)
Purchases of real estate 0 (20,611)
Real estate improvements (5,158) (4,250)
Net proceeds from sales of real estate investments and non-operating real estate 16,826 773
Repayments on mortgage loans receivable 1,958 32
Changes in accrued development costs 8,713 5,153
Changes in other assets and other liabilities (2,344) (3,286)
NET CASH USED IN INVESTING ACTIVITIES (11,217) (44,367)
FINANCING ACTIVITIES    
Proceeds from unsecured bank credit facilities 91,387 84,734
Repayments on unsecured bank credit facilities (85,634) (76,518)
Repayments on secured debt (2,767) (3,526)
Debt issuance costs (88) (87)
Distributions paid to stockholders (not including dividends accrued on unvested restricted stock) (22,736) (21,515)
Proceeds from common stock offerings 14,466 39,456
Proceeds from dividend reinvestment plan 57 57
Other (5,161) (2,525)
NET CASH (USED IN) PROVIDED BY FINANCING ACTIVITIES (10,476) 20,076
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 21 (478)
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 16 522
CASH AND CASH EQUIVALENTS AT END OF PERIOD 37 44
SUPPLEMENTAL CASH FLOW INFORMATION    
Cash paid for interest, net of amount capitalized of $1,602 and $1,646 for 2017 and 2016, respectively $ 7,141 $ 7,721